As explained in one of our most recent articles, banks in Canada are grouped into Schedule I, Schedule II, and Schedule III
While Schedule I banks are domestic banks and are authorized under the Bank Act to accept deposits, Schedule II banks are foreign bank subsidiaries authorized under the Bank Act to accept deposits, and Schedule III banks are foreign bank branches of foreign institutions that have been authorized under the Bank Act to do banking business in Canada, but have certain restrictions.
If you missed our comprehensive list of Schedule I banks, here it is.
We as well published a compilation of some Schedule II banks in Canada a while ago, you could have a look by clicking here. Some more examples of Schedule II banks that offer banking services in Canada can be found below:
Industrial Commercial Bank of China (Canada):
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Industrial and Commercial Bank of China (Canada), previously The Bank of East Asia (Canada), was founded in 1991; it was the Canadian Component of the Bank of East Asia Group (BEA) at Hong Kong. Industrial and Commercial Bank of China (Canada) Limited provides corporate and retail banking services in Canada. The business provides private banking services and products, which include banking accounts, cross-border services, transport and remittance services, and safety deposit boxes; consumer loans, such as home mortgages, term loans, personal lines of credit, overdraft protection, automobile loans, auto loans, and RRSP loans; debit, credit, and prepaid cards; and investment goods, such as term deposits, registered retirement savings plans, tax free savings accounts, and term deposits. Additionally, it offers commercial banking services and products, such as corporate current accounts, business smart savings account, cash management services, guaranteed investment certificates, finance and consulting services, funding, and solutions to small and medium sized companies. In addition, the company offers eBanking solutions, RMB solutions, and eTools. The company was established in 1991 and is currently located in Toronto, Canada with branches in both Vancouver and Calgary, Canada; along with a corporate and premium banking office in British Columbia. Industrial and Commercial Bank of China (Canada) Limited operates as a subsidiary of Industrial and Commercial Bank of China Limited.
JPMorgan Bank Canada:
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J.P. Morgan Bank Canada was formerly called The Chase Manhattan Bank of Canada. J.P. Morgan Bank Canada is headquartered in Toronto, Canada. J.P. Morgan Bank Canada functions as a subsidiary of J.P. Morgan International Finance Limited.
KEB Hana Bank Canada:
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KEB Hana Bank Canada is a banking company in Canada. It provides deposits, such as personal checking, savings checking, saving, daily interest, and other accounts; business banking services in the areas of purpose of revenue services and business current accounts; and charge card services. The business also offers loans, including residential mortgage, and commercial mortgage, business, stand-by L/C mortgage, personal accounts, overdraft, term deposit, and installment deposit loans, as well as private and business lines of credit. Also, it offers wire transfer, remittance and deposit, mobile and online banking, online tax payments money exchange services; and trade finance solutions, such as export and import services. KEB Hana Bank Canada was formerly known as Korea Exchange Bank and changed it’s name into KEB Hana Bank Canada in 2015. The business was established in 1981 and is currently headquartered in Toronto, Canada and has branches in Mississauga, Richmond Hill, Thornhill, Burnaby, Vancouver, Calgary, and Richmond Canada.
Mega International Commercial Bank:
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Mega International Commercial Bank (Canada) does its commercial banking services in Canada. The business is based in Toronto, Canada. The Business functions as a subsidiary of International Commercial Bank Co., Ltd. Mega International Commercial Bank Co. Ltd. Provides commercial banking Services and products from Asia, North America, and internationally. It’s also involved in the foreign exchange and associated operations; export and import financing and guarantees; financial operations related to international trade; trust operations; the provision of investment services on consignments by clients; loan offers, including mid-term and long-term growth loan, and assured operations; venture financing activities; and other related operations. Mega International Commercial Bank Co., Ltd. Is headquartered in Taipei, Taiwan. Mega International Commercial Bank Co., Ltd. is a subsidiary of Mega Financial Holding Co., Ltd.
SBI Canada Bank:
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SBI Canada Bank does personal and business banking products and services in Canada. Its personal banking products and services include balances, borrowings, and remittance; business banking services and products comprise accounts, commercial borrowings, trade finance, and treasury; and online banking services. SBI Canada Bank was previously called State Bank of India (Canada) and changed its title to SBI Canada Bank in March 2016. The company was founded in 1982 and is headquartered in Mississauga, Canada. SBI Canada Bank acts as a subsidiary of State Bank of India.
Shinhan Bank Canada:
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Shinhan Bank Canada provides and business banking services and products. Its private products and services include checking, savings, novices, international student, senior rich, and student accounts; transfers and payments; debit cards; investment plans, term deposits, installation deposits, and account services; mortgages and loans; online and mobile banking services; and wire transfer and exchange services. The company’s business banking services and products include checking and savings accounts; installation deposits; company loans; and import and export services. Additionally, it provides various banking and financial services for users. Shinhan Bank Canada operates as a subsidiary of Shinhan Bank.
Societe Generale (Canada):
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Societe Generale (Canada) was set up in 1974 and is currently headquartered in Montreal, Canada. Societe Generale (Canada) functions as a subsidiary of Societe Generale Group. Societe Generale of Canada offers customer credit, automobile lease financing, information technology equipment leasing, life and non-life insurance, custodian services, trade and project financing, currency exchange, treasury, and brokerage services. The Bank offers commercial and retail investments, and private banking services.
UBS Bank (Canada):
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UBS Bank Canada is a wealth management, investment banking, and asset management company. The business provides a variety of financial services to individuals, corporations, governments, and financial intermediaries around the world.
Walmart Canada Bank:
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Walmart Canada Bank provides low-cost financial solutions while making it possible for her clients to access low cost loans. Walmart Canada Bank provides Walmart Canada-branded credit cards to Canadians.